TO STUDY THE SIGNIFICANCE AND IMPACT OF AI ON THE GROWTH OF THE RETAIL SECTOR

Registration ID: IJNRD_217570

Published ID: IJNRD2405220

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Rachit Sharma

The automation of the once manual procedures that are associated with running a successful firm as a consequence of artificial intelligence (AI) is causing a substantial change to take place in the retail sector. This shift is causing a significant shift to take place. There is a chance that apps for artificial intelligence that are designed for retail outlets might be of assistance to businesses in the process of product pricing. These applications would enable businesses to examine the potential consequences of a variety of pricing strategies. The goal of the systems is to gather data on a broad variety of products, promotional activities, sales statistics, and other pertinent information in order to accomplish this objective. The purpose of this study is to investigate the myriad of ways in which artificial intelligence has impacted the retail industry and to report our findings. As part of the study project, a questionnaire was floated to 109 individuals studying their familiarity and knowledge in the field of Artificial Intelligence and its significance in the retail industry. While conducting the study, the researcher made use of both primary and secondary sources of information to gather information. It has been shown via research that the vast majority of people in India are aware of the fact that artificial intelligence is used in the retail industry. One other item that has been brought to people's attention is the fact that the vast majority of retail establishments are using artificial intelligence into their own company strategies. The virtual assistants, chatbots, personalized recommendations, and inventory management fields are the areas in which the retail business in India may significantly benefit from the use of artificial intelligence. The management of inventory is very crucial in these sectors, since they are the ones already mentioned. Furthermore, it has been demonstrated that the majority of retail shoppers are aware of the ways in which artificial intelligence (AI) may have an impact on their decision to buy certain products and services and are already using these AI technologies into their day-to-day lives in order to make the most out of the AI applications.. This evidence suggests that the majority of individuals are aware of the potential impact that AI may have on their buying psychology. This is taking place in order to fulfill the requirements that are imposed by the retail sector. At the same time that artificial intelligence is rapidly revolutionizing the retail sector, it is simultaneously automating a significant number of the labor-intensive and onerous tasks that were traditionally associated with the operation of a successful business. This is taking place at the same time as it is causing a revolution in the retail industry. It is feasible that artificial intelligence systems for retail outlets might provide assistance to businesses in the process of pricing their items by displaying the potential consequences of a number of different pricing techniques. This has the potential to be beneficial to businesses. System information is gathered on a wide range of categories, such as sales statistics, information on promotional initiatives, and data on other products, in order to accomplish this goal. To establish the extent to which artificial intelligence has impacted the retail industry, the goal of this research is to investigate this topic. In the course of the study project, 109 samples were gathered from a wide range of customers who were actively involved in visiting and purchasing from retail outlets. When conducting the research, both primary and secondary sources of information are used to gather data. The use of factor analysis was utilized in order to carry out an assessment of the study. The great majority of respondents are aware of the use of artificial intelligence, as shown by the data collected from questionnaire. Furthermore, it has been noted that the majority of retail businesses are adopting artificial intelligence into their business strategies, often known as their business models. When it comes to the retail industry in India, artificial intelligence is of great assistance, especially in the areas of virtual assistants, chatbots, personalized recommendations, and inventory management. It has also been found that the majority of retail proprietors are aware of the impact that artificial intelligence will have on their businesses, and that they are also incorporating AI approaches into their company models in order to remain in compliance with the ever-changing demands of the sector. This is something that has been discovered while gathering secondary data. Some of the keywords that are accessible are Artificial Intelligence, Machine Learning, Automation, Retail, and Business.

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Rachit Sharma (May-2024). TO STUDY THE SIGNIFICANCE AND IMPACT OF AI ON THE GROWTH OF THE RETAIL SECTOR. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 9(5), c159-c163. https://ijnrd.org/papers/IJNRD2405220.pdf

Volume 9 Issue 5, May-2024

Pages : c159-c163

Paper Reg. ID: IJNRD_217570

Published Paper Id: IJNRD2405220

Research Area: Management

Author Type: Indian Author

Country: Noida, Uttar Pradesh, India

Published Paper PDF: https://ijnrd.org/papers/IJNRD2405220.pdf

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